‘Saving money in banks sucks’
I totally agree with Stephen Monsanto (“Why Filipinos don’t have bank accounts,” Letters, 7/20/18). I used to have a savings bank account where I set aside a third of my monthly income, which over time “amassed” the amount of P150,000! Lo and behold, it earned interest of just a few hundred bucks! Saving money in banks truly sucks.
There used to be banks that offered interest payments at 10 to 15 times the rates of other regular banks. But the then Central Bank (now Bangko Sentral ng Pilipinas) lowered the boom and ran them out of business, thanks to the multibillionaires who owned the other banks and could not stand the competition that made them millions poorer!
Who are the BSP officials really serving? The very rich tycoons or the people who are shouldering most of their bloated salaries?
ANNALEE LAUDER, [email protected]
